According to the American Management Association's Global Study of Successful Practices, 79% of survey respondents use internal coaching to improve individual performance and productivity.

A highly regarded coach training organization (The Coaches Training Institute) wrote that "... for today's executives to be successful, they must create productive relationships with a diverse range of people and situations."

Coaching is an investment that produces results! It works because according to author Alan Deutchman "it inspires hope... it creates learning, practice and mastery through repetition" and the individual "begins to think in an entirely new way, revisiting biases and beliefs, re-framing his or her conceptual framework.

Today's challenging business environment is driving change in various ways. Mergers, consolidations, new technology, systems and products, globalization, outsourcing, private labeling, downsizing, changes in the competitive landscape, skills required are stretching the capabilities of leaders and others like never before. Recently, worldwide, we have additionally experienced a number of business failures, government takeovers and other governmental interventions. The landscape is indeed tough these days.

1. Start Smart. Identify a niche. Don't compete to be the lowest cost provider. Lookfor what makes your product or service unique and adds a special valuefor the client and charge for that value. Every business has manyfacets. Start with what you know and like; start a business that hasmeaning to you. Keep in mind that we don't know what the future holds,many of the jobs and businesses of tomorrow don't exist today. You cancreate your own success.

Now is the time to dream. To start smart, you should like the idea ofthe business. The way to earn a good income and build wealth is byserving clients well, making their life better in some way-it's morethan filling a need in the marketplace. To succeed you want to test theidea to make sure your potential clients like the idea too. Test yourideas.

2. Plan Ahead. People often ask me why bother with a business plan? Look at thelottery as an example. You may get lucky and get the winning ticket,but the odds are against you when you rely on random chance. I'm a risktaker...but not that much, minimize the risk of going into business andmaximize your potential for success. Take the time to write a plan ofhow you get from point A to point B. A plan gives you a clear futurefocus and increases your chances of success.

The first rule of a start-up is put some of your own money in thebusiness. As the owner you must be willing to capitalize the business.The second rule is put as little of your own money as possible in thebusiness. Prepare your plan and look for funding for your business frommultiple sources, which can include a business loan or business line ofcredit.

Don't go it alone. Plan ahead now to build your team. Your team mayinclude a CPA and an attorney that you work with as needed. Add amentor from your industry and get a SCORE mentor to help you plan forsuccess. No one has all the answers. You get more ideas and informationby building a success, support team that can help you plan ahead.

3. Set up Systems. The most basic system every business should have is a good financialsystem. Ask yourself how am I going to generate enough income tosupport myself and my family. Begin here. Put together a personalbudget, so you know what it costs you to live. Now, you can move on tothe business budget and sales planning, so you can see how many salesyou need to break even and make a profit. The start-up expense plan,operating budget and your accounting software are vital to yoursuccess.

4. Seek out Sales. The daunting question is how do you go about seeking out your firstsale. Recognize that since you don't have a big ad budget to be seen byeveryone, you need to target a niche and get connected in your marketcommunity, be it local, regional or national. You need other peopleselling for you-not employees-goodwill referrals. Get out and talk toas many people as you can. Join organizations that would have clientsfor your product or service. Become a visible part of your market, andthen ask for the sale. You begin the sales process with people that youknow. Yes, it's okay to start with friends and family as your firstcustomers, and then broaden from there.

5. Aim for Growth. The basic tenant of creating a company is that you own the company. Youare not just creating a job for yourself. It's less risk and lessinvestment to get a job. Building a business is creating a company thatis more than the job itself. Think about the future. How large do youwant the company to be in terms of sales, net profit and employees?Your answer to each of these questions will influence how you grow.There are varying costs and profits associated with growth. It'simportant to make a deliberate choice early about how you want to growyour company.

6. Leverage Opportunities. Good luck. Good fortune. Good timing. All play a part in business. As abusiness owner, be very clear about your core focus for the businessand how it serves clients. Your core business is what pays the bills.Then, as an entrepreneur you are about opportunity. When you see apotential opportunity or stroke of luck measure it against your corebusiness focus. Good fortune is great, when it matches your vision forthe business. Always consider if a good opportunity is the right fitfor your business. If something looks great, but it's not in sync withyour long-term plan and budget, think carefully before committing yourcompany's resources.

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